Student loans were reported in last year's survey to be a concern for a significant portion of our membership. (photo by Cynthia Eaton)

I was the first in my family to go to college and, like many, I did not have the funds to pay for tuition and fees. Also like many, I financed my college education by taking out student loans.

According to Experian, "Student loan debt in the U.S. reached another all-time high of $1.4 trillion in the first quarter of 2019." This is a 116% increase over ten years.

According to the 2018 FA negotiations survey, 42% of our full-time faculty respondents owe more than $10,000 in debt for themselves, dependents and/or spouse. For adjuncts, 26% of the respondents reported owing more than $10,000 in student loan debt.

Student loan debt has become a main topic among the presidential debates, with candidates offering competing solutions to this growing problem. Additionally, there is a cacophony of information about student loan forgiveness, consolidation and refinancing—all of which can be difficult to navigate.

Fortunately for members, there is some help. NYSUT has joined with Cambridge Credit Counseling to assist members with the burden of student loans. I took advantage of this benefit by doing the following:

1. Go to NYSUT Member Benefits and click "Legal and Financial" near the top right.
2. Click "Student Loan Center" on the left.
3. Choose one of three ways to learn more about resources. I submitted my information to be put into contact with a student loan counselor.

I submitted my form on a Monday evening and I had both an email and phone call the following Tuesday morning. The representative on the phone was helpful and took all of my information about my student loan debt situation.

He provided me with information for the student forgiveness program, New York State programs and banks that offer low interest rates to refinance existing student loans. He also sent all of this information to me by email. I found the service to helpful and responsive—and it’s all free. Cambridge can do a more thorough analysis of your student loans for a one-time payment of $14.95.

In addition to assistance from Cambridge, members can also attend a NYSUT Student Debt Workshop. There will be three workshops delivered on January 15, January 21 and January 23 from 5 to 7 p.m. in Suite 320 at the NYSUT Regional Office near the Brentwood campus. Click here to register: NYSUT Student Debt Workshop.

Finally, be aware that various "companies" will advertise and charge consumers to provide assistance for the student loan forgiveness program. Student loan forgiveness is a federal program, and consumers should not be charged.

If you use any of the resources mentioned in this article, please contact me and let me know about your experience with them.